Mary C. Choksi
About Mary C. Choksi
Mary C. Choksi (born 1950) is an Independent Trustee of FTF, serving since 2014. She brings deep asset management and emerging markets experience, including founding Strategic Investment Group and Emerging Markets Management LLC, and prior investment roles at the World Bank Group. She serves on FTF’s Audit and Nominating Committees and is classified as independent under NYSE American standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Strategic Investment Group | Founder & Senior Advisor | 2015–2017 | Senior advisory at investment management group |
| Strategic Investment Group | Founding Partner & Senior Managing Director | 1987–2015 | Built and led multi-manager investing firm |
| Emerging Markets Management LLC | Founding Partner & Managing Director | 1987–2011 | Led emerging markets investing platform |
| World Bank Group | Loan Officer/Senior Loan Officer/Senior Pension Investment Officer | 1977–1987 | Institutional investment roles in global finance |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Omnicom Group Inc. | Director | 2011–present | Public company board (advertising & marketing services) |
| White Mountains Insurance Group, Ltd. | Director | 2017–present | Public company board (insurance holding company) |
| Avis Budget Group Inc. | Director (former) | 2007–2020 | Prior public company board (car rental) |
Board Governance
- Committee memberships: Audit Committee; Nominating Committee .
- Independence: All members of the Audit Committee, including Choksi, are Independent Trustees under NYSE American listing standards .
- Board structure: Chairman is an interested person; a Lead Independent Trustee presides at separate meetings of Independent Trustees ahead of each scheduled board meeting, with independent counsel support .
- Meetings and attendance: FY 2024 had 8 Board meetings, 8 Audit Committee meetings, and 1 Nominating Committee meeting; each Trustee then in office attended at least 75% of the aggregate count of Board and committee meetings on which they served. Trustees did not attend the annual shareholders’ meeting on October 3, 2024; the Fund has no formal policy on Trustee attendance at shareholder meetings .
| Governance Item | FY 2024 Detail |
|---|---|
| Board meetings held | 8 |
| Audit Committee meetings held | 8 |
| Nominating Committee meetings held | 1 |
| Choksi attendance threshold | ≥75% of Board+committee meetings (for all Trustees then in office) |
| Lead Independent Trustee practice | Presides at separate Independent Trustee meetings before each scheduled Board meeting |
Fixed Compensation
Director compensation is cash-based across the Franklin Templeton complex, with a small portion allocated to FTF. Structure and actual amounts disclosed below.
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees) | $304,000 | Paid across Franklin Templeton registrants; portion allocated to FTF |
| Regular Board meeting fee | $7,000 per meeting | Portion allocated to FTF |
| Audit Committee member retainer | $10,000 annually | Portion allocated to FTF |
| Audit Committee meeting fee | $3,000 per meeting | Portion allocated to FTF |
| Lead Independent Trustee supplemental retainer | $40,000 annually | Not applicable to Choksi; for Lead Independent Trustee |
| Audit Committee Chair fee | $50,000 annually | Not applicable to Choksi; replaces member retainer |
| Measure | 2023 | 2024 |
|---|---|---|
| Aggregate compensation from FTF | $427 | $404.08 |
| Total compensation from Franklin Templeton fund complex | $695,225 | $667,000 |
| Boards within Franklin Templeton fund complex served | 35 | 34 |
Performance Compensation
| Item | Disclosure |
|---|---|
| Bonus/variable cash | None disclosed; compensation described as retainers and meeting fees |
| Equity awards (RSUs/PSUs/options) | None disclosed |
| Performance metrics tied to pay | None disclosed |
| Pension/retirement accruals | None accrued as part of Fund expenses |
| Clawback/change-in-control/severance | Not disclosed in proxy |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict Commentary |
|---|---|---|---|
| Omnicom Group Inc. | Advertising & Marketing | Director | No related-party transactions disclosed; FTF is a closed-end fund; no indicated supplier/customer conflict |
| White Mountains Insurance Group, Ltd. | Insurance | Director | No related-party transactions disclosed |
| Avis Budget Group Inc. | Car Rental | Former Director | Historical role; no direct connection indicated to FTF |
Expertise & Qualifications
- Asset management founder with multi-decade leadership at Strategic Investment Group and Emerging Markets Management, plus institutional investment experience at the World Bank Group .
- Committee experience includes Audit (financial reporting oversight, auditor selection/independence review) and Nominating (independence vetting, candidate selection, governance standards) .
- Board risk oversight exposure via Audit Committee engagement with internal audit and investment risk reporting processes .
Equity Ownership
| Item | Status |
|---|---|
| Dollar range of equity securities in FTF | None |
| Aggregate dollar range across all Franklin Templeton funds overseen | Over $100,000 |
| Ownership as % of FTF shares outstanding | Not disclosed; Trustees as a group own <1% |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Each Board member must invest one-third of Trustee fees (excluding committee fees) into Franklin funds until holdings equal/exceed 5× annual retainer + regular Board meeting fees; three-year phase-in for new members; family/entity holdings count |
Governance Assessment
- Independence and committee participation: Choksi is an Independent Trustee serving on Audit and Nominating, supporting board effectiveness in financial reporting and trustee selection; Audit Committee members are independent under NYSE American .
- Attendance: FY 2024 attendance threshold of ≥75% across Board and committees met by all Trustees then in office; no formal policy on shareholder meeting attendance and Trustees did not attend the Oct 3, 2024 meeting. This is typical for funds but reduces direct shareholder engagement .
- Compensation and alignment: Compensation is cash-based (retainers and meeting fees) with a long-standing guideline to invest one-third of fees into Franklin funds until holdings reach 5× retainer+meeting fees. Choksi has no direct FTF holdings but over $100,000 across the complex, indicating alignment at the complex level rather than fund-specific alignment .
- RED FLAGS: None evident in proxy regarding related-party transactions, hedging/pledging, or say-on-pay issues. Note the absence of direct FTF ownership and non-attendance at shareholder meeting; both are common in fund governance but warrant monitoring for investor engagement expectations .
- Board structure: Presence of Lead Independent Trustee, independent counsel, and separate Independent Trustee sessions strengthen oversight; Audit Committee actively reviews auditor independence and financial reporting quality .
Overall, Choksi’s deep investment background and independent status, coupled with active committee roles, support board effectiveness. Monitoring fund-specific ownership alignment and shareholder meeting engagement remains prudent for investor confidence .